Penn Series Information
Fund Profiles
Penn Series Limited Maturity Bond Fund
Seeks to maximize total return consistent with preservation of capital
The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.74% |
| Top 10 Holdings2 |
|---|
| Gs Mortgage-Backed Securities Trust 2021-Pj7 |
| Slm Student Loan Trust 2014-2 |
| Bx Commercial Mortgage Trust 2026-Csmo |
| Bx Trust 2025-Volt |
| Swch Commercial Mortgage Trust 2025-Data |
| Fremf 2017-K056 Mortgage Trust |
| Navient Private Education Refi Loan Trust 2020-E |
| Ellington Financial Mortgage Trust 2020-1 |
| Ecmc Group Student Loan Trust 2018-2 |
| Fs Trust 2026-Hula |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Quality Bond Fund
Seeks the to maximize total return over the long term consistent with the preservation of capital
The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.68% |
| Top 10 Holdings2 |
|---|
| United States Treasury Note/Bond |
| Freddie Mac Pool |
| Fannie Mae Pool |
| Freddie Mac Remics |
| Sequoia Mortgage Trust 2013-3 |
| Fremf 2019-K102 Mortgage Trust |
| Benchmark 2019-B9 Mortgage Trust |
| United States Treasury Note/Bond |
| Government National Mortgage Association |
| Gs Mortage-Backed Securities Trust 2020-Pj1 |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series High Yield Bond Fund
Seeks to realize high current income
The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.73% |
| Top 10 Holdings2 |
|---|
| Alumina Pty Ltd |
| Energy Transfer Lp |
| Service Corp International/Us |
| Cco Holdings Llc / Cco Holdings Capital Corp |
| Windstream Services Llc / Windstream Escrow Finance Corp |
| Prime Healthcare Services Inc |
| Arcosa Inc |
| Mohegan Tribal Gaming Authority / Ms Digital Entertainment Holdings Llc |
| Vistra Operations Co Llc |
| Clarios Global Lp / Clarios Us Finance Co |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Flexibly Managed Fund
Seeks to maximize total return (capital apprecaition and income)
The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
| Total Annual Fund Operating Expenses1 | 0.87% |
| Top 10 Holdings2 |
|---|
| Amazon.Com Inc |
| Microsoft Corp |
| Nvidia Corp |
| Alphabet Inc |
| Broadcom Inc |
| Centerpoint Energy Inc |
| Meta Platforms Inc |
| United States Treasury Note/Bond |
| Advanced Micro Devices Inc |
| United States Treasury Note/Bond |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Balanced Fund
Seeks long-term growth and current income
The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.67% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Quality Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Growth Stock Fund
Seeks long-term capital growth
The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
| Total Annual Fund Operating Expenses1 | 0.92% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Alphabet Inc |
| Apple Inc |
| Broadcom Inc |
| Microsoft Corp |
| Advanced Micro Devices Inc |
| Micron Technology Inc |
| Eli Lilly & Co |
| Meta Platforms Inc |
| Tesla Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Growth Fund
Seeks to achieve long-term capital appreciation
The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Massachusetts Financial Services Company |
| Total Annual Fund Operating Expenses1 | 0.83% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Alphabet Inc |
| Broadcom Inc |
| Taiwan Semiconductor Manufacturing Co Ltd |
| Amphenol Corp |
| Visa Inc |
| Apple Inc |
| Aon Plc |
| Moody'S Corp |
| Hubbell Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Growth Fund
Seeks to provide growth of capital
The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Nomura Investments Fund Advisers |
| Total Annual Fund Operating Expenses1 | 0.85% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Apple Inc |
| Microsoft Corp |
| Alphabet Inc |
| Advanced Micro Devices Inc |
| Amazon.Com Inc |
| Visa Inc |
| Eli Lilly & Co |
| Taiwan Semiconductor Manufacturing Co Ltd |
| Broadcom Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Value Fund
Seeks to achieve long-term growth of capital
The Fund invests in securities of companies it believes possess a structual competitve advantage or durable market leadership position.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | AllianceBernstein L.P. |
| Total Annual Fund Operating Expenses1 | 0.98% |
| Top 10 Holdings2 |
|---|
| Berkshire Hathaway Inc |
| Rtx Corp |
| Jpmorgan Chase & Co |
| Johnson & Johnson |
| Philip Morris International Inc |
| Alphabet Inc |
| Cisco Systems Inc |
| Unitedhealth Group Inc |
| Taiwan Semiconductor Manufacturing Co Ltd |
| Amazon.Com Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Value Fund
Seeks total return
The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Eaton Vance Management |
| Total Annual Fund Operating Expenses1 | 0.90% |
| Top 10 Holdings2 |
|---|
| Amazon.Com Inc |
| Apple Inc |
| Cisco Systems Inc |
| Abbvie Inc |
| Merck & Co Inc |
| Bank Of America Corp |
| Intel Corp |
| Reinsurance Group Of America Inc |
| United Parcel Service Inc |
| Johnson Controls International Plc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Index 500 Fund
Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index
The Fund invests in securities of the S&P 500 Index in an attempt to replicate the performance of the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.34% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Apple Inc |
| Microsoft Corp |
| Amazon.Com Inc |
| Alphabet Inc - Class A |
| Broadcom Inc |
| Alphabet Inc - Class C |
| Micron Technology Inc |
| Meta Platforms Inc |
| Tesla Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Growth Fund
Seeks to maximize capital appreciation
The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Nomura Investments Fund Advisers |
| Total Annual Fund Operating Expenses1 | 0.96% |
| Top 10 Holdings2 |
|---|
| Cloudflare Inc |
| Idexx Laboratories Inc |
| Monolithic Power Systems Inc |
| Snowflake Inc |
| Fastenal Co |
| Sterling Infrastructure Inc |
| Datadog Inc |
| Bio-Techne Corp |
| Edwards Lifesciences Corp |
| Novanta Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Value Fund
Seeks to achieve growth of capital
The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Janus Henderson Investors US LLC |
| Total Annual Fund Operating Expenses1 | 0.83% |
| Top 10 Holdings2 |
|---|
| Alliant Energy Corp |
| Littelfuse Inc |
| Lamar Advertising Co |
| Everest Group Ltd |
| The Pnc Financial Services Group Inc |
| Agree Realty Corp |
| Wintrust Financial Corp |
| Ppl Corp |
| Fox Corp |
| Freeport-Mcmoran Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Core Value Fund
Seeks to achieve capital appreciation
The Fund invests in companies whose stock price may not reflect the company's value and hold each stock until its price more accurately reflects the fair value of the company.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | American Century Investment Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.04% |
| Top 10 Holdings2 |
|---|
| Kimberly-Clark Corp |
| Commerce Bancshares Inc/Mo |
| Zimmer Biomet Holdings Inc |
| Henry Schein Inc |
| Labcorp Holdings Inc |
| Evergy Inc |
| Packaging Corp Of America |
| Xcel Energy Inc |
| Becton Dickinson & Co |
| Enterprise Products Partners Lp |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Growth Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
| Total Annual Fund Operating Expenses1 | 1.05% |
| Top 10 Holdings2 |
|---|
| Macom Technology Solutions Holdings Inc |
| Lattice Semiconductor Corp |
| Onto Innovation Inc |
| Brightspring Health Services Inc |
| Sitime Corp |
| Moog Inc |
| Carpenter Technology Corp |
| Texas Roadhouse Inc |
| Roivant Sciences Ltd |
| Enpro Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Value Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | AllianceBernstein L.P. |
| Total Annual Fund Operating Expenses1 | 1.15% |
| Top 10 Holdings2 |
|---|
| Us Foods Holding Corp |
| The Hanover Insurance Group Inc |
| Borgwarner Inc |
| Reliance Inc |
| Regal Rexnord Corp |
| F5 Inc |
| Idacorp Inc |
| Umb Financial Corp |
| Tenet Healthcare Corp |
| Everest Group Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Growth Fund
Seeks capital appreciation
The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Janus Henderson Investors US LLC |
| Total Annual Fund Operating Expenses1 | 0.99% |
| Top 10 Holdings2 |
|---|
| Glaukos Corp |
| Ligand Pharmaceuticals Inc |
| Tower Semiconductor Ltd |
| Ceco Environmental Corp |
| Revolution Medicines Inc |
| Legence Corp |
| Mirum Pharmaceuticals Inc |
| Spx Technologies Inc |
| Macom Technology Solutions Holdings Inc |
| Osi Systems Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Value Fund
Seeks capital appreciation
The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
| Total Annual Fund Operating Expenses1 | 0.97% |
| Top 10 Holdings2 |
|---|
| Terex Corp |
| Glacier Bancorp Inc |
| Copt Defense Properties |
| Umb Financial Corp |
| Atlantic Union Bankshares Corp |
| Valley National Bancorp |
| Jackson Financial Inc |
| Nicolet Bankshares Inc |
| Renasant Corp |
| Columbia Banking System Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Index Fund
Seeks a replicate the returns and characteristics of a small cap index
The Fund invests in securities of companies included in the Russell 2000 Index to attempt to replicate the performance of the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.71% |
| Top 10 Holdings2 |
|---|
| E-Mini Russ 2000 Sep26 |
| Moog Inc |
| Hut 8 Corp |
| Brightspring Health Services Inc |
| Viasat Inc |
| Cytokinetics Inc |
| Maxlinear Inc |
| Umb Financial Corp |
| Argan Inc |
| Jfrog Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Developed International Index Fund
Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries
The Fund invests in securities listed in the Morgan Stanley Capital International Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.91% |
| Top 10 Holdings2 |
|---|
| Asml Holding Nv |
| Hsbc Holdings Plc |
| Msci Eafe Sep26 |
| Roche Holding Ag |
| Novartis Ag |
| Astrazeneca Plc |
| Nestle Sa |
| Siemens Ag |
| Tokyo Electron Ltd |
| Shell Plc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series International Equity Fund
Seeks to achieve capital appreciation
The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Vontobel Asset Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.07% |
| Top 10 Holdings2 |
|---|
| Taiwan Semiconductor Manufacturing Co Ltd |
| Asml Holding Nv |
| Galderma Group Ag |
| Tokyo Electron Ltd |
| Infineon Technologies Ag |
| The Coca-Cola Co |
| Intercontinental Hotels Group Plc |
| Games Workshop Group Plc |
| Linde Plc |
| Tc Energy Corp |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Emerging Markets Equity Fund
Seeks to achieve capital appreciation
The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Vontobel Asset Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.40% |
| Top 10 Holdings2 |
|---|
| Taiwan Semiconductor Manufacturing Co Ltd |
| Samsung Electronics Co Ltd |
| Sk Hynix Inc |
| Tencent Holdings Ltd |
| Elite Material Co Ltd |
| Accton Technology Corp |
| Hon Hai Precision Industry Co Ltd |
| Pricesmart Inc |
| Contemporary Amperex Technology Co Ltd |
| Capitec Bank Holdings Ltd |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Real Estate Securities Fund
Seeks to achieve a high total return consistent with reasonable investment risks
The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Cohen & Steers Capital Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.97% |
| Top 10 Holdings2 |
|---|
| Welltower Inc |
| Digital Realty Trust Inc |
| Prologis Inc |
| American Tower Corp |
| Extra Space Storage Inc |
| Crown Castle Inc |
| Equinix Inc |
| Agree Realty Corp |
| Sun Communities Inc |
| Iron Mountain Inc |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Aggressive Allocation Fund
Seeks to achieve long-term capital growth consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.10% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Flexibly Managed Fund |
| International Equity Fund |
| Developed International Index |
| Large Cap Value Fund |
| Large Growth Stock |
| Quality Bond Fund |
| Real Estate Securities Fund |
| Mid Core Value Fund |
| Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Aggressive Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.06% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Quality Bond Fund |
| Flexibly Managed Fund |
| Developed International Index |
| Large Cap Value Fund |
| International Equity Fund |
| Real Estate Securities Fund |
| Mid Core Value Fund |
| Large Core Value Fund |
| Large Growth Stock |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderate Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.03% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| Developed International Index |
| Mid Core Value Fund |
| High Yield Bond Fund |
| Real Estate Securities Fund |
| International Equity Fund |
| Large Cap Value Fund |
| Limited Maturity Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.03% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| Limited Maturity Bond Fund |
| High Yield Bond Fund |
| Developed International Index |
| Real Estate Securities Fund |
| International Equity Fund |
| Large Cap Value Fund |
| Mid Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.03% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Limited Maturity Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| High Yield Bond Fund |
| Developed International Index |
| Real Estate Securities Fund |
| Mid Core Value Fund |
| Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Money Market Fund
Government money market fund that seeks current income, while preserving capital and liquidity
Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.61% |
| Top 10 Holdings2 |
|---|
| Tennessee Valley Authority Discount Notes |
| United States Treasury Bill |
| United States Treasury Bill |
| Fannie Mae Discount Notes |
| United States Treasury Bill |
| Freddie Mac Discount Notes |
| Federal Home Loan Bank Discount Notes |
| Fannie Mae Discount Notes |
| Freddie Mac Discount Notes |
| Fannie Mae Discount Notes |
1Total Annual Fund Operating Expenses as of May 1, 2026.
2Holdings information as of June 30, 2026.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
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